Red Tape Review launched by BIS

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A new review into reducing the regulatory burden on UK firms has been launched

A new review has been announced by the Department for Business, Innovation and Skills (BIS), which will examine new areas of regulation that could be streamlined to deliver enhanced prospects to businesses up and down the country in the years ahead.

Already benefiting from the lowest burden of regulation among the G7 nations, the UK continues to embark on far-reaching efforts to cut extraneous regulation that could hamper future growth.

As a result, a one-in, two-out rule has been enforced by the BIS since 2012 whenever implementing new legislation that will affect the regulatory burden on UK firms, and this latest review aims to enhance this position further.

Business secretary Sajid Javid said: "This government is delivering on its commitment to free firms from £10 billion of heavy-handed over-regulation and build a more productive Britain. Hundreds of businesses responded to our Cutting Red Tape reviews and we are taking decisive action based on their experiences."

This latest review coincides with the introduction of the new Enterprise Bill, which will extend the £10 billion target for cutting red tape to include the actions of independent regulators.

It is hoped that increased transparency in reporting requirements for these bodies will serve to reduce the burden on businesses of unnecessary oversight and adherence to legislation that may not be required.

The process is an ongoing drive towards a more streamlined regulatory sector, with the government committing to offsetting any new demands on firms by scrapping outdated ones.

"Whenever we need to introduce new rules, we will consider their impact and make savings elsewhere," Mr Javid concluded.